Co-Diagnostics (NASDAQ:CODX) Rating Increased to Strong-Buy at Maxim Group

Co-Diagnostics (NASDAQ:CODX) was upgraded by stock analysts at Maxim Group from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

CODX has been the subject of a number of other research reports. Weiss Ratings lowered shares of Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Wall Street Zen raised shares of Co-Diagnostics to a “sell” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Co-Diagnostics presently has an average rating of “Moderate Buy” and a consensus price target of $67.50.

Co-Diagnostics Stock Down 6.0%

CODX opened at $1.26 on Tuesday. The firm has a market cap of $4.65 million, a P/E ratio of -0.08 and a beta of 2.88. The business’s fifty day simple moving average is $2.51 and its 200 day simple moving average is $2.64. Co-Diagnostics has a 52 week low of $1.26 and a 52 week high of $46.50.

Co-Diagnostics (NASDAQ:CODX) last announced its earnings results on Thursday, August 13th. The company reported ($1.46) earnings per share for the quarter, beating the consensus estimate of ($3.00) by $1.54. The firm had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.13 million. Co-Diagnostics had a negative net margin of 6,531.77% and a negative return on equity of 210.99%.

Institutional Trading of Co-Diagnostics

Hedge funds have recently added to or reduced their stakes in the business. Private Advisory Group LLC acquired a new position in shares of Co-Diagnostics during the 2nd quarter valued at about $122,000. Geode Capital Management LLC boosted its position in shares of Co-Diagnostics by 40.4% in the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after acquiring an additional 129,158 shares during the last quarter. Virtu Financial LLC boosted its position in shares of Co-Diagnostics by 393.8% in the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after acquiring an additional 100,901 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in Co-Diagnostics by 314.1% in the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after purchasing an additional 126,105 shares during the period. 14.99% of the stock is owned by institutional investors and hedge funds.

About Co-Diagnostics

Co-Diagnostics, Inc is a molecular diagnostics company headquartered in Salt Lake City, Utah, known for its proprietary CoPrimer™ technology. Founded in 2016, the company focuses on the design, development and distribution of molecular diagnostic test kits for the detection of infectious diseases, genetic mutations and other health-relevant biomarkers. Its core platform leverages patented cooperative primers, which are engineered to enhance specificity, sensitivity and cost-effectiveness compared to conventional PCR-based assays.

Through its in-house manufacturing and global supply chain partnerships, Co-Diagnostics produces a range of real-time polymerase chain reaction (qPCR) kits, reagents and customized assay development services.